Thailand’s financial regulator is banning digital assets like Bitcoin and other cryptocurrencies from being used as a method of payment
However, the government isn’t banning crypto trading outright.
The new Thai rules on Bitcoin and other cryptos prevent them from being used as a payment alternative to cash.
Thailand’s Securities and Exchange Commission says the ban has been driven by risks to financial stability as well as concerns over money laundering.
Blockchain benefits
In a statement, which Barron’s translated to English from Thai with Google’s translate software, Thailand’s SEC made clear that authorities “see the benefits of various technologies behind digital assets such as blockchain.”
The regulator says it wants to support the use of crypto technologies, in line with Thailand’s wider stance on digital assets.
Thailand was one of the first countries to develop a digital currency backed by its central bank.
Thailand was ranked 14th among countries globally by the number of crypto users that call it home.
Despite the announcement, Bitcoin prices haven’t seen a dramatic change.
